Shah unveils new national policy to further strengthen cooperative movement

New Delhi: Union Minister Amit Shah on Thursday announced a new national policy to boost the cooperatives sector, with the vision to have more professionally-managed and financially-independent cooperative organisations in every village.

The latest announcement comes 23 years after a similar policy for cooperatives was brought way back in 2002 when Prime Minister Atal Bihari Vajpayee-led National Democratic Alliance was in power.

Unveiling the 'National Cooperation Policy - 2025', Shah -- who is helming the home as well as cooperation ministries -- asserted that cooperatives are at par with the corporate sector in all aspects, including taxation.

He urged states to start implementing the new policy at the earliest and emphasised that the cooperative sector has the potential to bring development for India, which aims to be a developed nation by 2047.

The mission is to make cooperative organisations professional, transparent, equipped with technology, and financially independent as well as successful, he added.

"The target is to have at least one cooperative organisation in every village of the country," said Shah.

Besides, the aim is to bring in at least 50 crore people under the ambit of cooperatives.

"The policy is far-sighted, practical and result-oriented," the minister said.

He further said the Modi government has set a target to make India the world's third-largest economy by 2027. "I have full confidence that we will definitely achieve this goal."

Shah said over the past 4 years, Ministry of Cooperation has achieved many accomplishments, but its greatest achievement is that today, the member of even the smallest cooperative unit in the country stands with pride.

The minister exuded confidence that the latest policy will be instrumental in helping India become a developed nation by 2047.

He also urged state governments to start implementing the new policy.

Shah recalled that it was a BJP-led government at the Centre which had brought the first national policy for the cooperative sectors in 2002, and next policy too has been introduced by the government led by Prime Minister Narendra Modi.

The policy has been prepared by a 48-member national-level committee headed by former Union Minister Suresh Prabhakar Prabhu.

The panel received about 750 suggestions from stakeholders, and also held extensive discussions with the RBI and NABARD.

The new cooperative policy will prove to be a milestone in the cooperative movement of India for the next two decades from 2025-45, the ministry had earlier said.

It has been framed to make cooperative institutions "more active and useful in the current economic scenario" and enhance the sector's role in achieving the goal of becoming a developed nation by 2047.

The policy would also strive to make cooperative institutions job creating centres.